The price of SUI has experienced a significant surge in recent days, jumping from the consolidated zone around $4 to reach new highs above $5. This increase has led to a rise in market capitalization by over 17%, surpassing major altcoins like LINK, TON, XLM, and SHIB. Despite attracting substantial bearish activity, the bulls are defending the lower support levels and attempting to initiate a new upward trend. With the technical indicators turning bullish and positive market sentiments growing, it is expected that the price of SUI will continue to see gains in the coming days.
SUI has garnered attention as it closely followed SOL’s impressive recovery from single-digit levels. It has gained popularity among L1s like Solana, Aptos, and Sei. The recent release of over 82 million SUI tokens, accounting for nearly 0.82% of the total supply, is believed to have boosted demand and contributed to the token’s growth. Additionally, positive funding rates and over 50% of traders holding long positions indicate the increasing potential of the token.
One question that arises is whether the price of SUI will reach $10 this month?
The price of SUI is currently trading within a rising parallel channel. After rising from the support to above-average bands, the price is encountering some resistance. Although the bulls are striving for a strong rebound, technical indicators suggest that a minor pullback may be imminent, potentially causing the price to dip slightly below $5. The bearish crossover with the stochastic RSI supports this notion. Meanwhile, the Bollinger bands indicate a bullish continuation as they are expanding, likely leading the price to reach the upper resistance of the channel and establish new all-time highs around $5.8 to $6.
Prior to this movement, it is expected that the price of SUI will experience a minor pullback below the average bands, dropping below $5. This could attract significant liquidity and trigger a rebound. Additionally, SUI has excelled in the DEX space, surpassing $2 billion in total value locked (TVL) to achieve a new record high and solidifying its position as the fastest-growing blockchain. With previous milestones such as surpassing 8 billion transactions, which doubled in Q4 2024, the SUI price prediction for 2025 remains optimistic, with the potential for new highs on the horizon.
